{"schema_version":"secwatch.filing_event.v1","accession":"0001193125-26-117027","form_type":"8-K","ticker":"SJT","cik":"0000319655","company_name":"SAN JUAN BASIN ROYALTY TRUST","filed_at":"2026-03-20T23:59:59+00:00","discovered_at":"2026-05-14T18:02:37.357980+00:00","generated_at":"2026-05-15T09:32:24.874778+00:00","sec_items":["2.02","9.01"],"event_type":"earnings","sentiment":"negative","materiality_score":0.8,"calibrated_materiality_score":0.8,"confidence":"high","headline":"San Juan Basin Royalty Trust declares no March 2026 distribution; excess costs, low gas prices","bullets":["No monthly distribution for March 2026 due to ~$4.64M net excess production costs and continued low natural gas pricing.","January 2026 average gas price $2.96/Mcf, down from $3.29/Mcf in December 2025; gas volumes 2,104,891 Mcf.","Cumulative excess production costs net to Trust: $4,640,115, a $1.54M decrease from prior month.","Hilcorp 2026 capex plan ~$14M for 32 projects; completion costs for 6 new horizontal wells deferred to 2027 plan.","Line of credit outstanding $750,513; cash reserves reduced to $14,257 after March interest payment."],"urls":{"canonical":"https://secwatch.observer/filing/0001193125-26-117027","json":"https://secwatch.observer/filing/0001193125-26-117027.json","markdown":"https://secwatch.observer/filing/0001193125-26-117027.md","text":"https://secwatch.observer/filing/0001193125-26-117027.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/319655/000119312526117027/0001193125-26-117027-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/319655/000119312526117027/sjt_march_2026_8-k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-15T09:32:24.874778+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}